Rockford Bank & Trust moving its downtown branch

Rockford Bank & Trust is moving from its original location on North Wyman Street to the Stewart Square Building, 308 W. State Street.

Rockford Bank & Trust opened Jan. 3, 2005 in the Morrissey Building, which decades ago was home to the old Rockford Morning Star. The bank marketed itself at first as Rockford's downtown bank.

Less than a year after opening though RB&T built a new bank branch on headquarters on Guilford and Alpine roads and moved most of its operations to that location.

Of course, the Register Star reported in August that the Morrissey Building is being foreclosed on. The building is owned by Morrissey Realty Group, which is principally owned by Joseph Morrissey, father of Rockford Mayor Larry Morrissey. Morrissey Realty Group owes more than $1.4 million on two loans taken out in 2005 before the Great Recession sent residential and commercial property values plummeting.

Charlie Bullock, chief operating officer of Rockford Bank & Trust, said the move has nothing to do with the foreclosure case.

"At the downtown branch we deal with depositors and safe deposit boxes. We love the building, but we don't need that much space," Bullock said. "At the Stewart Square Building we're going to have about 1,200 square feet. It's several thousand square feet at the current location."

Bullock said RB&T's lease expires in 2014 so they decided to move to a more cost-effective location. In Stewart Square, the branch will be across the hall from the Rockford Chamber of Commerce. The bank plans to begin business in the new location in the first week of February.

In any case, it is likely not a positive development for the Morrissey Realty Group to lose a paying tenant during a foreclosure. The Register Star called George Hampilos, who is representing the Morrissey Group in the foreclosure, for an update on the case, but he has not returned the call.